Correction -- Fitch Rates Banco Itau BBA S.A. (Uruguay Branch) L-T LC IDR 'BB-'; Upgrades Natl Rtg.

BUENOS AIRES, Argentina -- (This is a correction for the release that went out earlier today and gives the correct rating for the Foreign currency L-T IDR.)

Fitch Ratings has assigned a long-term local currency Issuer Default Rating (IDR) of 'BB-' to Banco Itau BBA -- Uruguay Branch. At the same time, Fitch has upgraded its national rating to AA(uy) from AA-(uy), and affirmed the other ratings as follows:

-- Foreign currency long-term IDR at 'B+';

-- Support '4'.

The Rating Outlook on the foreign and local currency IDR and the national rating is Stable.

The bank's long-term ratings reflect its status as a branch of Banco Itau BBA and the quality of its parent, Banco Itau Holding Financiera (BIHF), which has ratings of 'BB-' for the long-term foreign currency IDR, restricted by the sovereign ceiling, and 'AA(br)' for the long-term national rating. The ratings also reflect the strong supervision of credit, market, and operational risks by BIHF, the group's good access to credit, and the good performance of Banco Itau BBA S.A.

The operating environment in Uruguay has improved in the past two years and is now less volatile. Consequently, the restrictions on Fitch's national ratings have been left behind and this led to the upgrade on Banco Itau BBA -- Uruguay Branch's national rating.

Banco Itau BBA S.A., one of the largest banks operating in Brazil, is controlled almost entirely by BIHF (95.75%), which also holds a 100% equity stake in Banco Itau S.A. and reported assets and equity of US$64.6 billion and US$6.6 billion, respectively, at the end of 2005.

The credit research on Banco Itau BBA -- Uruguay Branch is available on the Fitch Ratings subscription web site, www.fitchresearch.com, or by contacting the Ratings Desk in London: [phone].

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.